I've been an agent since 2013. My first year with Modern Woodmen of America. I soon discovered that I couldn't get a life insurance appointment to save my life (ironic huh?), but people would talk to me about health insurance. I did well on the exchange for several years, but in 2016 commissions got reduced here in TN and then eliminated in 2017. I had about 350+ people enrolled and all that commission just disappeared. I saw the hand writing in 2016 and started adding Medicare Products. After Modern Woodmen I went solo in Jan 2014. I do my own prospecting, advertising, marketing, lead generation. I have little budget and get little results (I do some direct mail when I can afford it). In the last year and a half since I have been going after Medicare business I have sold 120+ supplements, MAPD's, DSNPS. On top of that I have some dental, a few decent permanent life insurance sales, some short term health, and a tiny bit of residual health insurance commission. I do a newsletter a couple times a year and send out birthday cards. So far most of my clients have remained loyal. All that adds up to about $2500 a month in income. Which sucks.
For 2018 I have several different options.
1. I can join a variety of different agencies that will take 40-50% of my commissions in exchange for pre-set appointments. After my experience at Modern Woodmen I hate the idea of assigning commissions, but my poverty level being what it is I've kind of made my peace with it.
2. I can get my P & C license and start learning that business and adding it to the mix.
3. I've been studying up on Fixed Indexed Annuities and feel fairly comfortable with selling them...I think...I've never sold one yet. I've thought maybe my foot in the door is Medicare but the real goal (so to speak) is uncovering money in money markets and CD's to make some FIA sales.
4. I can buy lists of T65's, cold call, and try to develop a much more robust lead funnel than I have now.
I'm sure I have other options but those are where my mind have been. Option 1 grows my business significantly, but my trail is tied to my upline for life. Option 2 is learning a whole new ball of wax and when you are a one man show independent you don't know what you don't know...so learning is by way of hard knocks. Option 3 is something maybe I can combine with my current book of business AND option 4. I'm obviously leaning towards options 3 & 4 combined.
I'm just looking for input or other options for building my business that I haven't thought of yet. Thank you.
Andrew
InsuranceThatFits.com
For 2018 I have several different options.
1. I can join a variety of different agencies that will take 40-50% of my commissions in exchange for pre-set appointments. After my experience at Modern Woodmen I hate the idea of assigning commissions, but my poverty level being what it is I've kind of made my peace with it.
2. I can get my P & C license and start learning that business and adding it to the mix.
3. I've been studying up on Fixed Indexed Annuities and feel fairly comfortable with selling them...I think...I've never sold one yet. I've thought maybe my foot in the door is Medicare but the real goal (so to speak) is uncovering money in money markets and CD's to make some FIA sales.
4. I can buy lists of T65's, cold call, and try to develop a much more robust lead funnel than I have now.
I'm sure I have other options but those are where my mind have been. Option 1 grows my business significantly, but my trail is tied to my upline for life. Option 2 is learning a whole new ball of wax and when you are a one man show independent you don't know what you don't know...so learning is by way of hard knocks. Option 3 is something maybe I can combine with my current book of business AND option 4. I'm obviously leaning towards options 3 & 4 combined.
I'm just looking for input or other options for building my business that I haven't thought of yet. Thank you.
Andrew
InsuranceThatFits.com